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Plastic free credit cards | Ep. #65
India is bustling with the festival season at this time of the year and Piyush noticed a dilemma recently when his family exchanged gift cards instead of sweets because each of those gift cards is single-use in nature and are made out of plastic.
Just imagine the pace at which most humans have evolved their buying habits..transaction habits from exchanging cash, three decades ago to credit/debit cards and now mobile wallets/g-pay/Paytm / QR codes etc.
For many people, using credit cards has been a convenient way of payment until recently. But the new-age consumer, following the penetration of mobile technology into almost every market, views cards as plastic clutter that makes the wallet bulky.
6 billion payment cards are manufactured every year around the world; Very few of which are recycled cards! The amount of plastic used to produce banking cards every year is equivalent to the weight of 150 Boeing 747s.
These cards are replaced every few years, and the 5.7 million tons of plastic, in the form of these cards, end up in landfills.
It is commonly forgotten ..maybe at times ignored knowledge that our payment cards, debit or credit cards, loyalty cards, gift cards, shopping cards or any other, are made of non-degradable synthetic plastic, which uses raw material from the oil & gas industry.
This is why developing a life cycle strategy for an eco-friendly card or cardless transaction involves a global approach in which banks have to choose the right raw materials, technology, processes, and products to achieve a substantial reduction in negative environmental impacts such as energy consumption, carbon footprint, and plastic waste.
So what are the solutions here: Recycled plastic cards, Bioplastic cards etc. are an option, however till the time we have a hard product in our hand, its end of life will always be a point of concern.
That’s where a recent report by Infosys authored by Gururaj Deshpande caught my attention because it highlights numerous options that are available today to make the world cardless!! Are you ready... Here we go
Follow our page- (Circular Business Podcast | The Circular Collective)
In case you have any further queries, you can DM me on LinkedIn | Facebook | Instagram | Twitter & also write me an email on [email protected]
For keeping up to date on our #100DaysChallenge; Follow our page- Circular Business Podcast
Keyword : What is a circular economy?
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By Sreepriya Sridharan
5
11 ratings
India is bustling with the festival season at this time of the year and Piyush noticed a dilemma recently when his family exchanged gift cards instead of sweets because each of those gift cards is single-use in nature and are made out of plastic.
Just imagine the pace at which most humans have evolved their buying habits..transaction habits from exchanging cash, three decades ago to credit/debit cards and now mobile wallets/g-pay/Paytm / QR codes etc.
For many people, using credit cards has been a convenient way of payment until recently. But the new-age consumer, following the penetration of mobile technology into almost every market, views cards as plastic clutter that makes the wallet bulky.
6 billion payment cards are manufactured every year around the world; Very few of which are recycled cards! The amount of plastic used to produce banking cards every year is equivalent to the weight of 150 Boeing 747s.
These cards are replaced every few years, and the 5.7 million tons of plastic, in the form of these cards, end up in landfills.
It is commonly forgotten ..maybe at times ignored knowledge that our payment cards, debit or credit cards, loyalty cards, gift cards, shopping cards or any other, are made of non-degradable synthetic plastic, which uses raw material from the oil & gas industry.
This is why developing a life cycle strategy for an eco-friendly card or cardless transaction involves a global approach in which banks have to choose the right raw materials, technology, processes, and products to achieve a substantial reduction in negative environmental impacts such as energy consumption, carbon footprint, and plastic waste.
So what are the solutions here: Recycled plastic cards, Bioplastic cards etc. are an option, however till the time we have a hard product in our hand, its end of life will always be a point of concern.
That’s where a recent report by Infosys authored by Gururaj Deshpande caught my attention because it highlights numerous options that are available today to make the world cardless!! Are you ready... Here we go
Follow our page- (Circular Business Podcast | The Circular Collective)
In case you have any further queries, you can DM me on LinkedIn | Facebook | Instagram | Twitter & also write me an email on [email protected]
For keeping up to date on our #100DaysChallenge; Follow our page- Circular Business Podcast
Keyword : What is a circular economy?